According to Coindesk, several industry insiders believe that the cryptocurrency industry has a greater impact on the US elections than ever before. Political action committees (PACs) focused on cryptocurrencies, such as Fairshake, have raised around $85 million from cryptocurrency companies, executives, and retail investors. Some cryptocurrency-friendly Democratic candidates, including Shomari Figures running for a seat in the Alabama House of Representatives and Julie Johnson from Texas, have also won their primaries with the help of cryptocurrency PACs.
Kristin Smith, CEO of the blockchain association Coin Center, stated, “This is a level we have never seen in past election cycles.”
The economic power of the cryptocurrency industry has even prompted some cryptocurrency skeptics, such as Senator Sherrod Brown (Democrat from Ohio) who is running for re-election as the chairman of the Senate Banking Committee, to adopt a more open stance towards cryptocurrencies to avoid opposition from the industry.
Link to the source: https://www.coindesk.com/policy/2024/05/14/the-crypto-industrys-influence-on-u…
Note: The content of this article represents the author’s opinion and does not constitute investment advice.